Stocks Up In Afternoon; Oceaneering Hits New High

Stocks remained moderately higher early Friday afternoon as consumer confidence rose to a near six-year high and a gauge of future economic activity climbed.

The Nasdaq and S&P 500 were each up 0.5%, while the Dow Jones industrial average gained 0.4%. Volume was running 12% lower on the Nasdaq but 22% higher on the NYSE compared with the same time Thursday. Expect some skewed volume on this options-expiration session.

The Reuters/University of Michigan consumer confidence index jumped 7.3 points in May to 83.7, the highest since July 2007. Meanwhile, the Conference Board's index of leading economic indicators rose a better-than-expected 0.6% in April following March's 0.2% decline.

In the stock market today, Web.com (WWWW) jumped 2% to a new high in triple-paced volume. The provider of website publishing and management software to small and midsize businesses is 13% past a 18.57 buy point from a long double-bottom-with-handle base.

IBD 50 stock Oceaneering International (OII) is also extended after a long run to new highs. The provider of engineering services to the oil and gas industry is rising 2% Friday in fast trade.

MercadoLibre (MELI), another IBD 50 stock, is up 5% in solid trade, poking above its May 7 high. The Argentina-based online retail and auction site operator is extended after a powerful rebound from its 10-week line.

SunPower (SPWR), a maker of solar panels, shot up 5% in strong trade. The stock has doubled in the past four weeks as it recovers from a deep correction.

Elsewhere, electric car maker Tesla (TSLA) reversed lower and is off 2% in heavy turnover. Nevertheless, the stock appears headed for its ninth-straight weekly gain. It got a big boost last week after report its first-ever quarterly profit, a much better-than-expected 12 cents a share.

See Also

"The car will learn over time," Tesla Motors (NASDAQ:TSLA) CEO Elon Musk tweeted on Twitter (NYSE:TWTR) Friday afternoon. And when asked if one car will learn from other cars, he replied, "Yes." Musk is getting ready to push a software update for the Model S electric sedan that inches toward ...

With its earnings report coming up Aug. 5, Tesla Motors (NASDAQ:TSLA) stock still hasn't recovered from a failed breakout, though it is seeing a little support around its 50-day line. The electric car maker's stock was looking likely to end the day up slightly, but it slipped a fraction after Tesla ...

SunPower (NASDAQ:SPWR) stock jumped Wednesday after the No. 2 solar panel maker's 2015 guidance and Q2 earnings beat some analyst expectations. Late Tuesday, SunPower said it expects non-GAAP revenue of $2.4 billion to $2.6 billion this year, which would be down 3.8% at the midpoint from 2014. ...

Solar energy manufacturer SunPower (NASDAQ:SPWR) continued its revenue slide late Tuesday when it reported its third straight sequential decline, with sales plummeting 39% from the year-earlier quarter, its biggest percentage decline since Q4 2011. The revenue drop comes five months after No. 2 ...

07/28/2015 07:06 PM ET

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